TL;DR Breakdown
- A huge dip in the crypto market was preceded by Bitcoin’s (BTC) fall today.
- A renowned trader claims that Bitcoin might fall to $20,000.
- There are no hints for an increase in the price of BTC.
Bitcoin has been on the low since May and it looks to continue this trend. The value of this coin was ranging around $36,000 when it suddenly fell and now it hovers around the $32,000 mark. This drop of 9-10 percent was predicted by multiple indicators.
It is expected for Bitcoin to form a death cross and go sideways or lower for some time until making an attempt at recovery. The renowned trader by the name of ‘Crypto Cobra’ on Twitter also tweeted that a 20 percent sell-off of Bitcoin could be in the offing.
Panic: Will Bitcoin go below $20,000?
It is highly unlikely for the world’s biggest currency to go below $20,000 and it is expected that if the 20 percent sell-off occurs, the entire crypto market will go down with Bitcoin. It is a massive opportunity for people to buy crypto and hold them for the long term.
There are a number of organizations that are continuing to do the same. There are numerous new implementations that are currently underway for Bitcoin and we expect that the price will definitely increase in the longer term. For now, it is expected that Bitcoin might go around $25,000-$28,000 if the 20 percent sell-off actually takes place.
On the 8th of June, all the top 50 cryptocurrencies arranged by their market cap were in dire straits and swinging to their lows. This got investors worried and now people are worried about their money. Crypto Cobra has forecasted that in another 48 hours, it is possible that the entire crypto market might fall further and this will lead to a shrinkage in the market cap of crypto to $1.3 trillion.
Although there is no hint of any kind of boom right now, it is possible for the trend to continue until a huge recovery takes place, and eventually, the entire crypto market goes to make all-time highs. It is very important for people to understand that panic selling your crypto will eventually get you nothing. Recently, countries have started accepting Bitcoin and El Salvador has decided to make it legal tender.
For some investors, the bull run is far from over and this is just a minor setback for crypto investors. The future is definitely bright. The potential in crypto market keeps on increasing each day and it seems even governments are starting to recognize its impact.
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